Axis Capital (AXS) Q1 earnings: Taking a look at key metrics versus estimates

Axis Capital (AXS) reported $1.67 billion in revenue for the quarter ended March 2026, representing a year-over-year increase of 7.7%. EPS of $3.42 for the same period compares to $3.17 a year ago.

The reported revenue represents a surprise of +0.38% over the Zacks Consensus Estimate of $1.66 billion. With the consensus EPS estimate being $3.23, the EPS surprise was +5.99%.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company’s financial health.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock’s price performance.

Here is how Axis Capital performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

• General and administrative expense ratio – Total: 8.6% compared to the 12.8% average estimate based on two analysts.
• Net loss and loss expense ratio – Total: 58.6% versus the two-analyst average estimate of 59.8%.
• Combined ratio – Total: 89.8% versus 93.1% estimated by two analysts on average.
• Acquisition cost ratio – Insurance: 19.6% versus the two-analyst average estimate of 19.2%.
• General and administrative expense ratio – Insurance: 10.6% versus 12.7% estimated by two analysts on average.
• Combined ratio – Reinsurance: 92.7% compared to the 101% average estimate based on two analysts.
• General and administrative expense ratio – Reinsurance: 2.1% versus the two-analyst average estimate of 4.2%.
• Net investment income: $184.74 million versus the two-analyst average estimate of $225.12 million. The reported number represents a year-over-year change of -11.1%.
• Net premiums earned: $1.48 billion versus $1.43 billion estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +10.4% change.
• Net premiums earned- Reinsurance Segment: $338.71 million compared to the $331.29 million average estimate based on two analysts. The reported number represents a change of +2.4% year over year.
• Net premiums earned- Insurance Segment: $1.14 billion compared to the $1.1 billion average estimate based on two analysts. The reported number represents a change of +13% year over year.
• Other insurance related income (loss): $5.65 million versus $4.94 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +57.9% change.